But one often forgets that there are advantages of taking the home loan alone as well. There might be disadvantages of taking the home loan with the spouse in the long run, which aren’t there when one considers the home loan solo.
We discuss the advantages of taking the home loan alone:
- The co-applicant is also the co-owner of the property in most cases. This isn’t bad at the beginning, but at the later stage in life, it might become an issue related to ownership of the house. This isn’t an issue when you apply for the home loan alone. The applicant is the sole owner of the property unless they specify a co-owner of the property.
- If one of the owners fails to make the payment of the monthly EMI, then the entire weight of the EMI falls on the shoulder of the other applicant. When one person applies for the home loan, then that person is responsible for the entire payment of the home loan. Thus, one has to be careful to make sure the monthly payment goes on time.
- If there are two co-applicants of the property, then there might be an issue with taking any other loan in the future. Two people taking a home loan exhaust the possibility of taking the financial help from the bank in future. It may land a person in an utterly helpless situation.
- When you take a home loan alone, then you should be careful with the property that you purchase or invest. It helps you make a wise investment option. A borrower will not stretch the home loan too far and will stretch it only till his pocket allows.
One should be careful and should give a proper thought about taking a home loan with their spouse.